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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was derived from the following sources:

		2014				2013				2012
United States		$	11,810			$	16,388			$	21,754
Foreign			9,600				15,406				23,073
		$	21,410			$	31,794			$	44,827

Components of Income Taxes

The components of income taxes for the year ended December 31 are as follows:

		2014				2013				2012
Current
Federal		$	4,718			$	6,308			$	9,663
Foreign			5,081				5,018				7,885
State and local			447				986				920
			10,246				12,312				18,468
Deferred
Federal			(425	)			(1,081	)			(1,443	)
Foreign			(1,110	)			157				(1,310	)
State and local			(162	)			(181	)			(174	)
			(1,697	)			(1,105	)			(2,927	)
Income taxes		$	8,549			$	11,207			$	15,541

Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax

The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the year ended December 31 are summarized as follows:

		2014				2013				2012
U. S. federal statutory tax rate			35	%			35	%			35	%
Federal tax at statutory rate		$	7,494			$	11,128			$	15,689
State and local taxes, net of federal benefit			290				583				485
U.S. federal permanent items			208				124				332
Domestic production activities deduction			(536	)			(372	)			(669	)
Foreign earnings and related tax credits			700				701				1,377
Non-U.S. tax rate variances			(1,313	)			(1,467	)			(1,175	)
Unrecognized tax benefits			186				(770	)			310
Valuation allowance			1,925				1,091				(337	)
Tax credits			(184	)			(453	)			(85	)
Other, net			(221	)			642				(386	)
		$	8,549			$	11,207			$	15,541

Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:

		2014				2013
Deferred tax assets:
Accrued compensation and benefits		$	1,358			$	1,463
Inventory valuation reserves			2,849				2,581
Benefit plan reserves			11,331				7,773
Net operating loss carryforwards			2,751				1,244
Tax credit carryforwards			745				0
Other accrued expenses			2,542				2,926
Unrealized foreign exchange			1,805				743
Gross deferred tax assets			23,381				16,730
Valuation allowance			(3,614	)			(1,420	)
Net deferred tax assets			19,767				15,310
Deferred tax liabilities:
Depreciation and other basis differences			(5,814	)			(5,533	)
Intangibles			(3,706	)			(2,828	)
Undistributed foreign earnings			(444	)			(61	)
Other			(65	)			(71	)
Deferred tax liabilities			(10,029	)			(8,493	)
Net deferred tax assets		$	9,738			$	6,817
		2014				2013
Change in net deferred tax assets:
Deferred income tax benefit		$	1,697			$	1,105
Items of other comprehensive income (loss)			3,108				(2,692	)
Currency translation			141				263
Deferred tax balances from business acquisition			(2,025	)			0
Total change in net deferred tax assets		$	2,921			$	(1,324	)

Changes in Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the year ended December 31:

		2014				2013				2012
Balance at January 1		$	608			$	1,361			$	1,015
Additions for tax positions of prior years			186				0				511
Reductions for tax positions of prior years			0				(588	)			0
Expiration of statutes of limitations			0				(165	)			(165	)
Balance at December 31		$	794			$	608			$	1,361

 

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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